Loss on restatement of loan obtained for purchase of indigenous assets is capital loss

Steril-Gene Life Sciences Pvt. Ltd. Vs DCIT (ITAT Chennai) Introduction: Explore the intricacies of the case involving Steril-Gene Life Sciences Pvt. Ltd. and the Deputy Commissioner of Income Tax (DCIT) as they navigate through the treatment of forex loss on a foreign currency term loan (FCTL). The core contention revolves around whether the forex loss should be considered as revenue expenditure or capital expenditure. Additionally, the article delves into the alternate claim made by the assessee regarding the impact on machinery cost and depreciation. Detailed Analysis: The article provides ...